They were the counterparty with themself? They accept FTT as collateral, give out a leveraged loan to the other company. The company spends that money on thin

They were the counterparty with themself? They accept FTT as collateral, give out a leveraged loan to the other company. The company spends that money on things like stadium rights and bailing out other failed crypto companies. Collateral falls to a value of 0, and the money is spent.